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Navigating through the COVID Crisis

Banking Sector Overview

T he coronavirus (COVID-19) outbreak has snowballed into a major global crisis causing immense personal and financial suffering for consumers, communities, and businesses.

The banking industry, in addition to facing its own challenges, is expected to help customers in this hour of need. Over the course of the pandemic, Banks experienced a 400% increase in calls seeking support.

Let's have a look at the macro factors impacting the banking industry and how we can augment the traditional business continuity plans using strong digital enablers

COVID Trend #1 - Call Volume Surge

  • AI tools to predict the top reasons for inward calls and proactively share such information

  • Bots to manage routine calls and outward calls

  • Remote call management to address increased staffing requirements

COVID Trend #2 - Emerging risks such as asset-liability mismatch due to the inability of clients to service debt due to job or business losses, etc.

  • AI-based monitoring and assessment

  • Management dashboards with decision support tools

  • Digital workouts for loan restructuring

  • Predictive capabilities for probability of default, and monitoring and managing asset quality deterioration and risks

COVID Trend #3 - Maintaining social distancing norms

  • Intelligent web and mobile appointment assistant

  • Digital-token management solution

  • Branch concierge solutions with dynamic queue management

COVID Trend #4 - Workforce disruption

  • E-Engagement tools Secure

  • home agent technology

  • Bot-based training and service assistant

COVID Trend #5 - Digital Maturity: Unavailability of all banking services on digital channels

  • Business process re-engineering and automation

  • Low Code / No Code Platforms to build faster at almost 1/10th the cost by creating citizen developers

  • Digital twin technologies to expedite throughput

COVID Trend #6 - Reinstatement of Customer Confidence

  • Regular communication from appropriate authorities needed to instil confidence and retain customer trust.

  • Leverage platforms like Solace to provide scalable messaging services – manage large bursts, provide low latency protocol conversion across (Rest, File, AMQP, MQ etc.), ensure zero data loss at scale, facilitate compliance with regulatory requirements for notifications (SMS, Email- OTP)

Digital solutions that provide rapid or quick resolutions to the problems created by the COVID-19 crisis are the need of the hour! Reach out to our experts to understand how we can help build a strong business-enabling technology suite catered to your needs!

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